Kotak Multi Asset Allocation Fund vs Kotak Special Opportunities Fund
Direct Plan, Growth option · Data as on 29-10-2026
Kotak Multi Asset Allocation Fund is a Multi Asset fund and Kotak Special Opportunities Fund is a Thematic fund. In the year to 30-10-2026, Kotak Multi Asset Allocation Fund (Direct) returned 4.3% and Kotak Special Opportunities Fund (Direct) returned 6.1%. Kotak Multi Asset Allocation Fund charges 0.63% a year and Kotak Special Opportunities Fund 1.04% (Direct plans). Their portfolios overlap 26.1%: they hold 23 of the same securities.
Kotak Multi Asset Allocation Fund
Multi Asset
- 1 year return
- 4.3%
- Expense ratio
- 0.63%
- NAV
- ₹15.65
Kotak Special Opportunities Fund
Thematic
- 1 year return
- 6.1%
- Expense ratio
- 1.04%
- NAV
- ₹10.77
Which is better, Kotak Multi Asset Allocation or Kotak Special Opportunities? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Kotak Special Opportunities returned more over 1 year: 6.1% against 4.3%.
- Kotak Multi Asset Allocation costs less: 0.63% a year against 1.04% (Direct plans).
- Kotak Multi Asset Allocation fell less in its worst fall since 05-07-2024: −13.8% against −23.1%.
- Kotak Multi Asset Allocation holds more in large companies: 36.0% of the fund in large caps against 12.6%.
- Kotak Multi Asset Allocation is the larger fund: ₹15,236 Cr against ₹1,920 Cr.
- Their portfolios overlap 26.1%: 23 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | Kotak Multi Asset Allocation Fund | Kotak Special Opportunities Fund |
|---|---|---|
| Fund house | Kotak Mahindra Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Multi Asset | Thematic |
| AUM | ₹15,236 Cr (30-09-2026) | ₹1,920 Cr (30-09-2026) |
| NAV | ₹15.65 (Direct) | ₹10.77 (Direct) |
| Expense ratio (Direct) | 0.63% | 1.04% |
| Expense ratio (Regular) | 1.76% | 2.31% |
| Riskometer | Very High | Very High |
| Benchmark | NIFTY 500 TRI 65% + NIFTY Short Duration Debt Index 25% + Domestic Price of Gold 5% + Domestic Price of Silver 5% | Nifty 500 TRI |
| Launch date | 22-09-2023 | 01-07-2024 |
| Minimum investment | ₹100 | Rs. 100/- and any amount thereafter |
| Lock in | None | None |
| Fund managers | Devender Singhal, Abhishek Bisen, Hiten Shah, Jeetu Valechha Sonar | Devender Singhal, Abhishek Bisen |
| Exit load | Exit Load for units in excess of 30% of the investment,1% will be charged for redemption within 1 year. | 0.5% for redemption within 90 Days |
Kotak Multi Asset Allocation vs Kotak Special Opportunities: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| Kotak Multi Asset Allocation Fund (Direct) | −3.51% | −4.32% | −4.66% | +4.34% | +16.23% | -- | -- |
| Kotak Special Opportunities Fund (Direct) | −7.39% | −3.46% | +4.82% | +6.08% | -- | -- | -- |
| Multi Asset average | −1.71% | −3.33% | −1.78% | +2.00% | +14.20% | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | -- | -- | -- |
Category average: the average of the 37 Multi Asset funds and the 235 Thematic funds, same plan type.
Kotak Multi Asset Allocation vs Kotak Special Opportunities: Year-wise Returns
| Year | Multi Asset AllocationKotak Multi Asset Allocation | Special OpportunitiesKotak Special Opportunities |
|---|---|---|
| 2026to date | −2.85% | +4.98% |
| 2025 | +24.37% | +2.35% |
| 2024 | +17.87% | -- |
Kotak Multi Asset Allocation vs Kotak Special Opportunities: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Kotak Special Opportunities Fund
Rolling returns
Every 1-year holding period, 325 of them, one for each trading day from 07-07-2025 to 29-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
Kotak Multi Asset Allocation Fund (Direct)
Kotak Special Opportunities Fund (Direct)
Nifty 500 TRI
to
Aug 2025Nov 2024
to
Nov 2025Jan 2025
to
Jan 2026Apr 2025
to
Apr 2026Jul 2025
to
Jul 2026Sept 2025
to
Sept 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Kotak Multi Asset Allocation | 0.0 | 7.7 | 16.3 | 12.3 | 14.8 | 24.3 | 24.6 | 18.5% | 19.5% | 2.5% | 39.2% | 100% |
| Kotak Special Opportunities | 28.4 | 19.1 | 12.3 | 21.6 | 11.1 | 7.4 | 0.0 | 6.5% | 6.7% | −9.3% | 23.9% | 49% |
| Nifty 500 TRI | 32.3 | 33.2 | 25.5 | 7.1 | 1.8 | 0.0 | 0.0 | 2.9% | 2.2% | −9.0% | 15.9% | -- |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. The benchmark is Nifty 500 TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 05-07-2024. Past returns do not promise future returns.
Kotak Multi Asset Allocation vs Kotak Special Opportunities: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 01-07-2024 to 29-10-2026: 28 instalments, ₹2,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Kotak Multi Asset AllocationKotak Multi Asset Allocation Fund (Direct) | ₹2,80,000 | ₹3,07,760 | ₹27,760 | 8.1% |
| Kotak Special OpportunitiesKotak Special Opportunities Fund (Direct) | ₹2,80,000 | ₹3,03,413 | ₹23,413 | 6.8% |
Kotak Multi Asset AllocationKotak Multi Asset Allocation Fund (Direct)
Kotak Special OpportunitiesKotak Special Opportunities Fund (Direct)
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
Kotak Multi Asset Allocation vs Kotak Special Opportunities: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Kotak Multi Asset Allocation Fund (Direct) | Kotak Special Opportunities Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.34% | +6.08% |
| Standard deviation | 15.49% | 18.55% |
| Sharpe ratio | -0.06 | 0.04 |
| Sortino ratio | -0.07 | 0.06 |
| Maximum drawdown | −13.8% (23-03-2026) | −15.8% (23-03-2026) |
| Beta | -- | 1.12 |
| Alpha | -- | +14.99% |
From daily NAVs, 29-10-2025 to 29-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | Kotak Multi Asset Allocation Fund (Direct) | Kotak Special Opportunities Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.57% | +3.15% |
| Standard deviation | 12.12% | 16.55% |
| Sharpe ratio | 0.79 | -0.16 |
| Sortino ratio | 1.05 | -0.21 |
| Maximum drawdown | −13.8% (23-03-2026) | −23.1% (03-03-2025) |
| Beta | -- | 1.05 |
| Alpha | -- | +4.61% |
From daily NAVs, 03-10-2023 to 29-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
Kotak Multi Asset Allocation Fund (Direct)
Kotak Special Opportunities Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Kotak Multi Asset Allocation Fund (Direct) | −13.8% | 29-01-2026 | 23-03-2026 | Not yet | -- | −9.9% |
| Kotak Special Opportunities Fund (Direct) | −23.1% | 24-09-2024 | 03-03-2025 | 15-06-2026 | 15 months | −10.6% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 05-07-2024, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Kotak Multi Asset Allocation Fund (Direct)
Kotak Special Opportunities Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Kotak Multi Asset Allocation Fund (Direct) | 84% | 36% | 8.86% |
| Kotak Special Opportunities Fund (Direct) | 146% | 117% | 10.14% |
From month-end values since 05-07-2024. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
Kotak Multi Asset Allocation vs Kotak Special Opportunities: Portfolio Overlap
From each fund's latest monthly portfolio: Kotak Multi Asset Allocation Fund, September 2026; Kotak Special Opportunities Fund, September 2026
Holdings in common
- Overlap
- 26.1%
- Held by both
- 23
- Only in Kotak Multi Asset Allocation
- 75
- Only in Kotak Special Opportunities
- 23
| Security | % of Kotak Multi Asset Allocation | % of Kotak Special Opportunities |
|---|---|---|
| INDO-MIM LTD | 2.91% | 2.63% |
| Maruti Suzuki India Limited | 2.40% | 3.93% |
| Hero MotoCorp Ltd. | 2.24% | 3.33% |
| Indus Towers Ltd. | 2.09% | 2.72% |
| MTAR TECHNOLOGIES LIMITED | 1.95% | 2.84% |
| Oracle Financial Services Software Ltd | 1.99% | 1.80% |
| PARK MEDI WORLD LIMITED (PARK HOSPITAL) | 1.62% | 2.24% |
| NLC India Ltd. (Neyveli Lignite Corporation Ltd.) | 1.57% | 2.45% |
| One 97 Communications Ltd | 1.50% | 2.82% |
| POONAWALLA FINCORP LIMITED | 1.27% | 2.52% |
| SOUTH INDIAN BANK LTD | 0.75% | 1.03% |
| SWIGGY LTD | 0.74% | 2.02% |
| VIYASH SCIENTIFIC LTD | 0.70% | 2.17% |
| Vodafone Idea Ltd | 0.70% | 2.87% |
| ORCHID PHARMA LIMITED | 0.62% | 2.53% |
| JYOTI CNC AUTOMATION LTD | 0.59% | 3.28% |
| PIRAMAL FINANCE LTD | 0.57% | 1.92% |
| Sapphire Foods India Ltd. | 0.55% | 1.68% |
| PVR LTD. | 0.47% | 2.93% |
| JAMMU KASHMIR BANK LTD | 0.41% | 1.85% |
| Sun TV Network Limited | 0.39% | 3.43% |
| PRASOL CHEMICALS LIMITED | 0.27% | 1.39% |
| KANOHAR ELECTRICALS LIMITED | 0.24% | 1.04% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 26.1% means 26.1% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in Kotak Multi Asset Allocation Fund
| Security | % of fund |
|---|---|
| KOTAK MUTUAL FUND - KOTAK SILVER ETF | 7.90% |
| KOTAK MUTUAL FUND - KOTAK GOLD ETF | 5.74% |
| STATE BANK OF INDIA. | 3.27% |
| ITC Ltd. | 2.54% |
| NTPC LTD | 2.51% |
Largest holdings only in Kotak Special Opportunities Fund
| Security | % of fund |
|---|---|
| Carborundum Universal Ltd. | 2.87% |
| AZAD ENGINEERING LTD | 2.78% |
| Barbeque Nation Hospitality Ltd. | 2.70% |
| Marksans Pharma Ltd | 2.57% |
| INDUSIND BANK LTD. | 2.44% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Kotak Multi Asset Allocation | Kotak Special Opportunities |
|---|---|---|
| Equity | 70.7% | 97.2% |
| Debt | 10.6% | 0.0% |
| Cash and others | 18.7% | 2.8% |
Market cap of stocks
| Market cap | Kotak Multi Asset Allocation | Kotak Special Opportunities |
|---|---|---|
| Large Cap | 36.0% | 12.6% |
| Mid Cap | 16.0% | 20.7% |
| Small Cap | 14.5% | 55.8% |
| Not on AMFI's list | 4.1% | 8.2% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | Kotak Multi Asset Allocation | Kotak Special Opportunities |
|---|---|---|
| Banks | 11.4% | 7.3% |
| Pharmaceuticals and Biotechnology | 3.2% | 10.7% |
| Industrial Products | 0.2% | 8.8% |
| Electrical Equipment | 3.1% | 7.7% |
| Industrial Manufacturing | 4.1% | 7.3% |
| Automobiles | 4.6% | 7.3% |
| Finance | 5.6% | 5.6% |
| Power | 4.9% | 2.5% |
| Diversified FMCG | 4.5% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
Kotak Multi Asset Allocation vs Kotak Special Opportunities: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Kotak Multi Asset Allocation Fund | Kotak Special Opportunities Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.63% | 1.04% |
| Base expense ratio (Direct) | 0.44% | 0.70% |
| Total expense ratio (Regular) | 1.76% | 2.31% |
| Base expense ratio (Regular) | 1.40% | 1.77% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
Compare Kotak Multi Asset Allocation with
Compare Kotak Special Opportunities with
Kotak Multi Asset Allocation Fund vs Kotak Special Opportunities Fund: Frequently Asked Questions
What is the difference between Kotak Multi Asset Allocation Fund and Kotak Special Opportunities Fund?
Kotak Multi Asset Allocation Fund is a Multi Asset fund, Kotak Special Opportunities Fund is a Thematic fund, run by Kotak Mahindra Mutual Fund. Their portfolios overlap 26.1%. Kotak Multi Asset Allocation Fund charges 0.63% a year and Kotak Special Opportunities Fund 1.04%.
Which has given higher returns, Kotak Multi Asset Allocation Fund or Kotak Special Opportunities Fund?
Over 1 year: Kotak Multi Asset Allocation Fund +4.34%, Kotak Special Opportunities Fund +6.08%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Kotak Multi Asset Allocation Fund or Kotak Special Opportunities Fund?
Kotak Multi Asset Allocation Fund charges less: 0.63% a year against 1.04%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Kotak Multi Asset Allocation Fund and Kotak Special Opportunities Fund overlap?
26.1%. They hold 23 of the same securities, the largest shared ones being INDOMIM, MARUTI, HEROMOTOCO. From each fund's latest monthly portfolio.
Which is riskier, Kotak Multi Asset Allocation Fund or Kotak Special Opportunities Fund?
On SEBI's riskometer, Kotak Multi Asset Allocation Fund is rated Very High and Kotak Special Opportunities Fund Very High. Over 1 years, the standard deviation of daily returns was 15.49% and 18.55% a year.
Can I invest in both Kotak Multi Asset Allocation Fund and Kotak Special Opportunities Fund?
Yes. 26.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Kotak Multi Asset Allocation Fund and Kotak Special Opportunities Fund?
Kotak Multi Asset Allocation Fund: Devender Singhal, Abhishek Bisen, Hiten Shah, Jeetu Valechha Sonar. Kotak Special Opportunities Fund: Devender Singhal, Abhishek Bisen.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.